Senate Confirms Michelle Bowman as Federal Reserve Vice Chair for Supervision
Senate Confirms Michelle Bowman as Federal Reserve Vice Chair for Supervision Last week, the U.S. Senate confirmed Federal Reserve Governor Michelle Bowman to serve as the Fed’s Vice Chair for Supervision by a narrow vote of 48-46. Bowman has served as a governor on...
Baltimore Drops CFPB Funding Lawsuit
Baltimore Drops CFPB Funding Lawsuit Last week, the city of Baltimore voluntarily dropped its lawsuit challenging the Trump administration’s efforts to defund the Consumer Financial Protection Bureau (CFPB). The city is represented by Democracy Forward, a left leaning...
Number of Consumers Using BNPL to Pay for Groceries Has Nearly Doubled
Number of Consumers Using BNPL to Pay for Groceries Has Nearly Doubled Data from an April LendingTree report shows that 25 percent of buy now, pay later (BNPL) users have used the service to buy groceries, up from 14 percent a year ago. Lending services like Affirm,...
CFPB Proposes Rescinding Nonbank Supervision Registry Rule
CFPB Proposes Rescinding Nonbank Supervision Registry Rule The Consumer Financial Protection Bureau (CFPB) recently proposed a rescission of its rule requiring nonbank financial firms to register with the agency if they are subject to any court order or regulatory...
New York Budget Includes Strict Licensing for BNPL Companies
New York Budget Includes Strict Licensing for BNPL Companies Earlier this month, New York state introduced legislation that imposes strict licensing requirements and other rules on Buy Now, Pay Later (BNPL) products as part of Governor Kathy Hochul’s new budget, which...
CFPB Rescinds Nearly 70 Pieces of Guidance
CFPB Rescinds Nearly 70 Pieces of Guidance The Consumer Financial Protection Bureau (CFPB) recently withdrew 67 pieces of prior guidance, including those regarding overdraft fees, BNPL, fair lending, earned wage access programs, and more. Acting CFPB Director Russell...
Trump Administration Withdraws McKernan’s CFPB Director Nomination, Instead Nominates Him for Senior Role at Treasury
Trump Administration Withdraws McKernan’s CFPB Director Nomination, Instead Nominates Him for Senior Role at Treasury Jonathan McKernan, a former FDIC board member who President Trump nominated in February to lead the Consumer Financial Protection Bureau, has...
CFPB Firings on Hold As Legal Battle Continues
CFPB Firings on Hold As Legal Battle Continues Last week, the U.S. Court of Appeals for the D.C. Circuit reinstated a district court order blocking the agency’s planned reductions in force while also blocking the Trump administration from trying to shift funding away...
